Jeonnam Development Corporation Distributes 10 Billion KRW Dividend to Jeonnam Province... Achieves 10 Consecutive Years of Profit

Debt Ratio at 26%, Achieving Top-Level Financial Soundness
Jang Chungmo, CEO: "Realizing a Public Corporation that Grows with Residents"

Jang Chungmo, President of Jeonnam Development Corporation. Provided by Jeonnam Development Corporation

Jeonnam Development Corporation has achieved a milestone by distributing 10 billion KRW in dividends to Jeollanam-do for the first time in its 20-year history. According to the corporation, this dividend was determined in consideration of the province's fiscal conditions, such as reduced government grants and the need to respond to local extinction.

According to the corporation, at the 174th board meeting held on the 28th, it was decided to distribute 10 billion KRW of the 29 billion KRW net profit for 2024, after comprehensively considering management performance and financial conditions. With this, the corporation has recorded a surplus for 10 consecutive years, and the debt ratio has been maintained at a record-low 26% since its establishment. In particular, the financial debt ratio stands at 14%, securing one of the soundest financial positions among local public enterprises.

This achievement is attributed to continuous efforts to improve management and a robust performance management system. Despite the downturn in the real estate market last year, all employees focused on land sales, and advanced risk management enabled the corporation to predict factors that could reduce profits in advance. The corporation also strengthened systematic financial management through project progress control and thorough cost reviews, which proved effective.

Since 2021, Jeonnam Development Corporation has donated 10% of its net profit each year, totaling 21.8 billion KRW so far, to support local talent development, culture, and the arts across various fields.

Jang Chungmo, CEO of Jeonnam Development Corporation, stated, "By realizing our first-ever dividend since our founding, we have taken another step forward as a local public enterprise that grows together with the residents. This dividend will serve as an important milestone for revitalizing the local economy and improving the quality of life for residents."